Kings X1 Punjab cheated 14 crores by their title sponsors

Preity Zinta (C) and Ness Wadia (L), co-owners of Kings XI Punjab with Lalit Modi(R) during the 2010 DLF Indian Premier League T20 group stage match between Kings XI Punjab and Deccan Chargers played at Himachal Pradesh Cricket Association Stadium on April 16, 2010 in Dharamsala, India.

KPH Dream Cricket Private Limited, the owners of the IPL franchise Kings XI Punjab, have filed a criminal complaint against their title sponsors NVD Solar Limited, accusing them of cheating around Rs 14 crores, an amount that the officials of NDV had agreed to pay as per the contract agreement between the two parties.

NVD, who signed a three-year contract with KPH on March 1, 2013 to replace DTH operator Videocon as the main sponsor, have also been indicted for the bouncing of four cheques, offered to KPH under their name, of worth Rs 25 lakh each.

A statement issued by Kings XI Punjab‘s co-owner and industrialist Ness Wadia to PTI read: “It’s a full blown scam. They cheated us of our hard-earned money. They gave us fake accounts of Deutsche Bank London, Wells Fargo Bank New York, Common Suisse Bank Limited, fake swift message, fake names of officials, even sent us mails from fake IP addresses. It’s crazy. They always said we will pay you on a certain date but what we got is only fake assurances.”

“A sponsorship deal was struck between NVD Group and Kings XI Punjab in March for Rs 14.3 crore. So far, we have only received a sum of Rs 42 lakh (32 lakh via electronic funds transfer and 10 lakh through a cheque). That means, they owe us 13 crore and 88 lakh. They are actually Thug No.1.”

“KPH lawyers have sent legal notice against bouncing of cheques to NVD Solar Limited, Saibal Kumar Hazra and other Directors of NVD Solar Limited U/S 138 of The Negotiable Instrument Act, 1881, as amended, by The Banking Public Financial Institutions & Negotiable Instruments Laws Amendment Act, 1988 for bouncing of four cheques of Rs 25 lakh each tendered by NVD India to KPH. “In the said notices, KPH lawyers have called upon them to make the payment thereof within 15 days from the date of receipt of the notice else KPH will file a complaint against them in Chandigarh Court.”

“KPH has filed a criminal complaint with SSP office, Chandigarh against NVD Solar Limited, NVD Solar International Limited, Saibal Hazra and others seeking investigation of the offences committed by them and thus entailing consequent prosecution and punishment, inter alia, under various sections of the IPC for cheating and forgery.

NVD was believed to be a large-scale company in the field of Solar energy with a number of branches all over the world and is managed by Saibal Hazra, whose name has also come under the scanner, according to Firstpost.